I didn't want to try it out on my 7D without hearing some others experiences and opinions.

ML is the reason I'm staying with Canon, I even wrote some small part of it myself (focus bracketing). Even w/o doing videos, the killer features for me are unlimited automatic bracketing, focus stacking, timelapses & focus peaking/zebras - and they keep adding, they just implemented a better auto iso than canon and exposure locks (only in the dev version).

The 7d is a relatively new port, I don't know about stability (unified is rock stable for 5d2, 60d, ...) - the place to have a look is in their forum. I am always baffled if people don't use it.

ML does wonders on lower end dslrs. I use it regularly on a t2i/550d and it add loads of useful features. I'm into long exposure landscapes lately, and ML made my life a lot easier with its built in bulb timer. I also used it to shoot an in-camera time lapse. Another great feature is the ghost image, crucial for shooting stop motion videos. Another function i use often is focus peak, that makes manual focusing in live view extremely accurate. When i installed it, it was like having an upgraded camera body. You should at least try it.

If you turn your camera off it will come back up with normal Canon firmware, right?

NO! Turning your camera off is not enough because it isn't actually "off" - if (ever) ml freezes, you have to remove the battery. To uninstall ml then remove the boot flag from the card via the ml utility, then the camera will start w/o ml - the other option is pressing half-shutter when turning on the camera, in this case ml disables itsself until turning off - please do read the excellent installation instructions on the ml site.

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with the 5d3 for me its not really worth the risk until it is more thoroughly tested or they come out with some real image quality improving fixes(for video).if I had a lower end rebel I wouldnt hesitate

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Installed it and used it a for bit on my 5DM2. There are some cool features such as focus peaking, but I didn't find that it helped improve my photography so I deactivated it. Magic Lantern was really developed more for video than stills. It's quite simple to install, however with any install it's highly recommended that you follow exact instructions. I'd installed it onto my 16 MB Sandisk so when ever I don't want to use it, I simply don't use that card, or vice versa.

ML was my reason for getting the 60D. I use time lapse, FPS override and ML's bracketed exposure (HDR) frequently. I have an astro-modified 40D and would love to see a stable release for that camera. I also installed the Wasia hack in my old 300D back when I had it. I'm all in favor of anything that makes a tool more useful. YMMV. My complements to the talented individuals who develop ML.

I recently purchased a used 5D mark II and it had the latest Canon firmware of 2.0.9. I had read that ML did not work with this version and required a downgrade of the official firmware by Canon in order to get ML on the camera. Is this no longer the case? I may need to do more research as I did not want to do that downgrade right away.

I have a friend who wants to use ML on his 7D so that he can get more extensive bracketing to create HDR images.Should he wait until the there is a more tried-and-true version?Is it really that simple..you can take out the card you install it on and you are back to your Canon firmware?

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I'm using the alpha 2 version on my 7D and am pretty pleased with the expanded features also it seems quite stable even in its early development for the 7D.I also installed the full version on the two 60D's I bought my sons for Christmas , no problem on any of the cameras thus far. Every time I use Magic Lantern I can't help but wonder why Canon doesn't or hasn't implemented any of this into their firmware. Our cameras are capable of so much more then they provide us with !